Bitcoin Whale Activity Wakes Up As BTC Hovers Just Above $20,000 Level
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Bitcoin WhaleActivity Wakes Up As BTC Hovers Just Above $20,000 Level
Cryptoanalytics firm Santiment is tracking an increase in the number of whaleaddresses holding Bitcoin (BTC).According to a new post, the dataaggregator highlights the uptick in wallets which hold between 100 and 10,000Bitcoin as a reassuring indicator after the markets tanked last Friday inresponse to Federal Reserve Chair Jerome Powell’s statements about the economy.
When askedfor data about how many of the 15,847 whales bought in since early last week,Santiment reports,“There have been 16 new BTC whale addresses made in thelast five days.”Fellow crypto analytics firm Glassnode also weighed inon the state of Bitcoin by utilizing on-chain data to analyze BTC’s adjustedSOPR (aSOPR), a metric that reflects the ratio between the selling and purchaseprices of the flagship crypto asset.
According toGlassnode, BTC’s aSOPR suggests that investors are focused on recouping theirinvestments.“Bitcoin aSOPR continues to face heavy resistance at thebreak-even threshold of 1.0.This suggests BTC investors are taking profitsduring bear market rallies, and are spending coins at their cost-basis tosimply ‘get their money back’.”
The number of Bitcoin whales is back, with reports of an increase in the number of addresses holding Bitcoin. This suggests that investors are taking profits during bear market rallies, and are spending coins at their cost-basis to simply ‘get their money back’.